Merchants Bank of Indiana is headquartered in Carmel and is the 3rd largest bank in the state of Indiana. It is also the 151st largest bank in the nation. It was established in 1923 and as of June of 2022, it had grown to 495 employees at 6 locations. Merchants Bank of Indiana's money market rates are 9X the national average, and it has an A health rating.
• No credit check, only ChexSystems for opening a money market account
• $15 incoming wire fee is reimbursed the next business day
• Personal phone call from a CSR to confirm information in online application
• No issue with a joint account initiated online
I called the bank about their 3% MMA and got a lot of confused info about opening it online - they seemed to be saying I'd never be able to make outgoing transfers initiated from the bank unless I opened it at a branch. They recommended going into the bank in person "for security reasons". It's a local bank for me so I went in, that process went smoothly enough.
What I'd say is that this bank is not ready for prime time ... I felt like everyone who works there banks there and draws their cash there, and their knowledge seems limited to their own banking experience. No one seems to know much about the online process. The account is referred to as a "checking" account but I wasn't offered any checks or a debit card. I went online and there it tells me I'm eligible for free checks. Maybe I can get a debit card too, who knows.
This will probably work itself out, nothing too alarming, but I'm not planning to use it much. Can't say I'd recommend it to anyone else.
Marie if you are reading this, then this is for you. Please do something about your tone and attitude. We the customers are the reason your employer's business exits, please learn to talk politely.
Overall | |
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FDIC Certificate # | 8056 |
Year Established | 1923 |
Employees | 495 |
Primary Regulator | FDIC |
Profit Margin | |
---|---|
Return on Assets - YTD | 1.98% |
Return on Equity - YTD | 18.19% |
Annual Interest Income | $160.6MM |
Assets and Liabilities | ||
---|---|---|
Assets | Q2 2022vs Q2 2021 | $10.82B$9.62B |
Loans | Q2 2022vs Q2 2021 | $9.91B$8.64B |
Deposits | Q2 2022vs Q2 2021 | $8.12B$7.86B |
Equity Capital | Q2 2022vs Q2 2021 | $1.17B$1.01B |
Loan Loss Allowance | Q2 2022vs Q2 2021 | $36.6MM$28.1MM |
Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $4.1MM$2.1MM |
Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |
Always verify rates and promotions with the bank or credit union. We are not Merchants Bank of Indiana; we are a rate comparison website and cannot provide official rates or promotions.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
4.08% | - | - | Money Market Account |
Merchants Bank of Indiana Locations | ||
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Indianapolis Bank Branch | 3737 East 96th Street | Indianapolis, IN 46240 |
Spartanburg Branch | 6880 South Arba Pike | Lynn, IN 47355 |
Merchants Bank Of Indiana | 410 Monon Blvd | Carmel, IN 46032 |
Merchants Bank Of Indiana Carmel Office Branch | 11590 North Meridian Street | Carmel, IN 46032 |
Lynn Branch | 201 South Main Street | Lynn, IN 47355 |
Merchants Bank Of Indiana - The Rich | 701 E Main St | Richmond, IN 47374 |